Employers Holdings, Inc.

Listed Company

EIGCIK 0001379041NYSELarge AcceleratedFire, Marine & Casualty InsuranceNevadaFY ends Dec 31

Period

FY 2025

Revenue

$858.70M

Net Income

$10.80M

Total Assets

$3.44B

Equity

$955.70M

Shares Out

19.48M

Op. Cash Flow

$44.70M

+ 13F Filer

Business

Employers Holdings, Inc. is a holding company whose subsidiaries specialize in providing workers' compensation insurance to small and mid-sized businesses in low-to-medium hazard industries. It offers workers' compensation policies and related services, including risk advisory and loss control, premium audit, claims handling, medical case management, and digital direct insurance via its Cerity brand. The company operates as a single reportable segment, Insurance Operations, through its insurance subsidiaries. It distributes products across most U.S. states via traditional agents and brokers, specialty distribution partners, digital channels, and direct-to-customer sales, with a concentration of business in California.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	762	750	722	675	574
Net investment income	117	107	107	90	73
Net realized and unrealized (losses) gains on investments	−20	24	23	−52	55
Other income (loss)	500,000	100,000	−200,000	300,000	1
Total revenues	859	881	851	714	703
Losses and loss adjustment expenses	582	456	406	391	315
Commission expense	98	101	100	96	76
Underwriting expenses	165	177	180	167	160
Interest and financing expenses	500,000	100,000	6	4	—
Other non-recurring expenses	1	—	11	0	4
Total expenses	847	734	703	658	556
Net income before income taxes	12	147	148	56	147
Income tax expense	1	28	30	7	28
Net income	11	119	118	48	119
Unrealized AFS investment gains (losses) during the period, net of tax (expense) benefit of $(12.5), $0.9, and $(12.3) for the years ended December 31, 2025, 2024, and 2023, respectively	47	−4	47	−202	−51
Reclassification adjustment for realized AFS investment losses in net income, net of tax (benefit) of $(11.5), $(1.8), and $(1.7) for the years ended December 31, 2025, 2024, and 2023, respectively	43	7	6	3	3
Other comprehensive income, net of tax	90	4	53	−200	−55
Total comprehensive income	101	122	171	−151	65
Basic	0.46	4.73	4.48	1.76	4.22
Diluted	0.46	4.71	4.45	1.75	4.17
Cash dividends declared per common share and eligible equity plan awards	1.26	1.18	1.1	3.28	1

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities at fair value (amortized cost $2,031.8 at December 31, 2025 and $2,203.1 at December 31, 2024, less CECL allowance of $0.4 at December 31, 2025 and $1.1 at December 31, 2024)	2,041	2,097	1,936	2,186	2,343
Equity securities at fair value (cost $96.5 at December 31, 2025 and $145.0 at December 31, 2024)	184	254	211	197	339
Equity securities at cost	8	6	6	7	6
Other invested assets (cost $79.4 at December 31, 2025 and $90.9 at December 31, 2024)	97	107	92	60	38
Short-term investments at fair value (amortized cost $10.1 at December 31, 2025 and $0.1 at December 31, 2024)	10	100,000	33	119	11
Total investments	2,339	2,464	2,278	2,569	2,736
Cash and cash equivalents	160	68	226	89	75
Restricted cash and cash equivalents	200,000	200,000	200,000	200,000	200,000
Accrued investment income	16	16	16	19	15
Premiums receivable (less CECL allowance of $22.6 at December 31, 2025 and $19.2 at December 31, 2024)	335	361	359	306	245
Paid losses	6	6	6	7	8
Unpaid losses (less CECL allowance of $0.8 at December 31, 2025 and $0.9 at December 31, 2024)	386	412	428	445	476
Deferred policy acquisition costs	57	60	56	48	44
Federal income taxes receivable	16	5	—	—	—
Deferred Income Tax Assets, Net	14	38	43	63	0
Property and equipment, net	7	8	7	12	15
Operating lease right-of-use assets	4	4	5	12	14
Intangible assets, net	14	14	14	14	14
Goodwill	36	36	36	36	36
Cloud computing arrangements	13	17	28	43	44
Other assets	35	33	34	41	49
Total assets	3,437	3,541	3,550	3,717	3,783
Unpaid losses and loss adjustment expenses	1,806	1,808	1,885	1,961	1,981
Unearned premiums	392	402	380	340	305
Commissions and premium taxes payable	60	66	66	58	42
Accounts payable and accrued expenses	23	21	26	29	24
Deferred reinsurance gainLPT Agreement	88	94	99	106	114
Short-Term Debt	16	0	—	—	—
Contractual Obligation	8	14	17	—	—
Operating lease liability	4	4	6	14	17
Long-term debt	19	0	—	—	—
Other liabilities	65	63	58	57	58
Total liabilities	2,481	2,473	2,537	2,773	2,570
Commitments and contingencies (Note 12)	—	—	—	—	—
Common stock, $0.01 par value; 150,000,000 shares authorized; 58,276,637 and 58,184,861 shares issued and 20,342,135 and 24,556,706 shares outstanding at December 31, 2025 and 2024, respectively	600,000	600,000	600,000	600,000	600,000
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued	0	0	0	0	0
Additional paid-in capital	428	424	420	415	411
Retained earnings	1,454	1,473	1,384	1,296	1,339
Accumulated other comprehensive income (loss), net of tax	7	−83	−86	−139	61
Treasury stock, at cost (37,934,502 shares at December 31, 2025 and 33,628,155 shares at December 31, 2024)	−934	−747	−705	−628	−597
Total stockholders' equity	956	1,069	1,014	944	1,213
Total liabilities and stockholders' equity	3,437	3,541	3,550	3,717	3,783

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	4	4	5	5	—
Stock-based compensation	5	6	6	5	9
Amortization of cloud computing arrangements	8	13	17	16	14
Amortization of discounts and premiums on investments, net	−3	−1	2	3	9
Allowance for expected credit losses	3	1	5	3	−300,000
Deferred income tax (benefit) expense	100,000	4	5	−17	7
Net realized and unrealized losses (gains) on investments	20	−24	−23	52	−55
Asset impairment and related charges	0	0	4	0	1
Noncash operating lease term adjustment	0	0	−1	0	0
Premiums receivable	23	−3	−59	−64	−12
Reinsurance recoverable on paid and unpaid losses	26	16	18	32	20
Cloud computing arrangements	−3	−2	−3	−15	−8
Operating lease right-of-use-assets	0	1	6	3	3
Current federal income taxes	−11	−8	−7	9	−8
Unpaid losses and loss adjustment expenses	−2	−76	−76	−21	−88
Unearned premiums	−10	23	40	35	6
Accounts payable, accrued expenses and other liabilities	−6	3	4	7	−3
Deferred reinsurance gainLPT Agreement	−6	−5	−7	−8	−11
Contingent commission receivableLPT Agreement	0	14	−300,000	0	−500,000
Operating lease liabilities	−300,000	−2	−7	−3	−3
Non-cancellable obligations	−6	−3	−9	4	−2
Other	−7	−3	10	5	6
Net cash provided by operating activities	45	76	49	100	11
Purchases of fixed maturity securities	−770	−722	−416	−611	−517
Purchases of equity securities	−64	−61	−40	−125	−200
Purchases of short-term investments	−21	−40	−69	−133	−13
Purchases of other invested assets	−5	−18	−34	−20	−17
Proceeds from Limited Partnership Investments	16	10	6	—	—
Proceeds from sale of fixed maturity securities	675	343	558	314	207
Proceeds from sale of equity securities	165	45	53	216	136
Proceeds from maturities and redemptions of fixed maturity securities	213	215	163	195	374
Proceeds from sales and maturities of short-term investments	11	73	157	24	28
Net change in unsettled investment purchases and sales	7	2	2	−3	3
Capital expenditures and other	−2	−5	−2	−3	−4
Net cash provided by (used in) investing activities	226	−160	377	−146	−2
Acquisition of common stock and excise tax payments	−183	−43	−76	−30	−43
Cash transactions related to stock-based compensation	−1	−2	−1	−1	−3
Dividends paid to stockholders	−30	−30	−30	−90	−29
Proceeds from FHLBank Borrowings, Financing Activities	35	0	0	183	—
Payments of FHLBank Borrowings, Financing Activities	0	0	−183	—	—
Payments on finance leases	0	−100,000	−200,000	−200,000	−100,000
Net cash used in financing activities	−179	−75	−290	60	−94
Net increase (decrease) in cash, cash equivalents, and restricted cash	92	−158	137	14	−85
Cash paid for federal income taxes	12	31	30	15	28
Cash paid for state income taxes	800,000	1	2	700,000	1
Cash paid for interest	500,000	100,000	6	3	300,000
Financed property and equipment purchases	100,000	100,000	0	100,000	300,000

Filings

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Holdings (13F)

Portfolio as of 2021-03-31 · 144 positions

Reported AUM

$169.70M

Holdings

144

Top sector

$169.70M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$169.70M	100.0%

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